NYSE - MKT: ASM
TSX-V: ASM
FSE:
GV6
VANCOUVER, June 29, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX.V,
ASM: NYSE - MKT; "Avino" or "the Company") is pleased to
announce that the concentrates prepayment agreement with Samsung
C&T U.K. Ltd. ("Samsung") originally announced on
July 9, 2015 has been extended one
further year from July 2017 to
July 2018.
Pursuant to an amending agreement (the "Amendment"),
Avino will sell silver concentrates on an exclusive basis to
Samsung until July 2018. Samsung has
previously advanced to Avino the sum of US$10 million as prepayment of such concentrates
(the "Facility"), and the Facility will be repaid with
interest using Avino's future shipments of concentrates. Avino
will make an initial payment of US$666,666 in June
2016, and Avino will repay the balance with interest by 14
additional monthly instalments commencing June 2017 and ending July
2018. Other material terms of the Facility remain unchanged.
The Company is pleased to take advantage of the extension of the
concentrate sales agreement and revised repayment arrangement, as
this ensures a steady long term contract for the sale of the
Company's silver concentrates, and will provide capital to Avino to
further advance and expand its projects over the next 12
months.
The Company's payment of all amounts owing to Samsung is secured
by a pledge to Samsung of all of Avino's common shares in Bralorne
Gold Mines Ltd. as collateral. Bralorne Gold Mines Ltd. owns
the Bralorne property located near Gold
Bridge, B.C.
Avino
Avino's mission is to create shareholder value through
profitable organic growth at the historic Avino property near
Durango, Mexico, and the Bralorne
property in southwestern British
Columbia, Canada. We are committed to managing all
business activities in an environmentally responsible and
cost-effective manner while contributing to the well-being of the
communities in which we operate.
On Behalf of the Board
"David Wolfin"
________________________________
David Wolfin
President & Chief Executive Officer
Safe Harbor Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including our belief as to the
extent and timing of various studies including the PEA, and
exploration results, the potential tonnage, grades and content of
deposits, timing and establishment and extent of resources
estimates. These forward-looking statements are made as of the date
of this news release and the dates of technical reports, as
applicable. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated in or implied
by such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, the effects
of general economic conditions, the price of gold, silver and
copper, changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and
negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and
unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain of our officers, directors or promoters of with certain
other projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the our common share price
and volume; tax consequences to U.S. investors; and other risks and
uncertainties. Although we have attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. We are under no obligation to update or alter any
forward-looking statements except as required under applicable
securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States securities laws. In particular,
the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by SEC standards, unless such information is required to
be disclosed by the law of the Company's jurisdiction of
incorporation or of a jurisdiction in which its securities are
traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Avino Silver & Gold
Mines Ltd.